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USA: Transocean, Halliburton & BP each reach settlements in Deepwater Horizon oil spill lawsuits

Author: Miriam Rozen, Texas Lawyer (USA), Published on: 26 May 2015

"Transocean, Halliburton & BP: Settlement Frenzy", 21 May 2015

BP, Halliburton Co. and Transocean Ltd. each reached settlements this week in the litigation stemming from the 2010 Gulf of Mexico oil spill. Transocean reached on May 20 a $211 million settlement with businesses and individuals claiming damages from the spill...Transocean also settled with BP in a separate agreement, which requires no court approval. BP will pay Transocean $125 million in compensation for legal fees; BP will discontinue attempts to recover any additional insurance under Transocean's liability policies; and Transocean will allow BP accelerated recovery of about $538 million in insurance proceeds… Halliburton also settled with BP this week. In its May 20 announcement of the deal, Halliburton did not disclose the terms, which also do not require court approval.

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Related companies: BP Halliburton Transocean